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Journalize the following transactions for Moody Bicycles using the periodic inventory system. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal
Journalize the following transactions for Moody Bicycles using the periodic inventory system. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the net amount to record sales.) (Click the icon to view the transactions.) Nov. 2: Purchased $2,700 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. Date Accounts Debit Credit Nov. 2 tion X the i More Info Nov. hipp 2 Purchased $2,700 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. 6 Returned $500 of defective merchandise purchased on November 2. 8 Paid freight bill of $180 on November 2 purchase. 10 Sold merchandise inventory on account for $6,200. Payment terms were 2/15, n/45. 11 Paid amount owed on credit purchase of November 2, less the retum and the discount. 22 Received cash from November 10 customer in full settlement of their debt, less the discount. Print Done W
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